Walmart is buying ’s Flipkart. Walmart continues over technology to control e-  compete against Amazon. company finally it official. Because giant corporation is acquiring Flipkart.

The ’s largest retailer take control soon. Of the -based e- company its acquisition ever, Softbank chief executive officer Masayoshi Son said an earnings webcast as per Bloomberg.

Softbank’s 20% stake Flipkart valued at $4 billion.  (Rs27,000 crore). Son said, adding that he had invested $2.5 billion the company. Son did not any further of the transaction.

“Walmart is purchasing Flipkart. Last night was the official announcement. I believe the deal was reached the 2.5 billion that we invested has turned out to be 4 billion.” Son said.

The acquisition Walmart around $15 billion, according to a previous estimate by Bloomberg.

Amazon was also reportedly the fray to acquire Flipkart went far enough to offer a “breakup fee” of up to $2 billion to prove its seriousness. A breakup penalty has set during the takeover . agreement pay if the backs out of the deal.

, Walmart managed to seal the deal and is now in a place to take the fight to Amazon in ’s e- , is estimated to grow over 13 times to $200 billion by 2026.

A giant leap

The deal marks a significant milestone Flipkart.

What started in 2007 as an bookstore operating out of the Bansal duo’s -bedroom apartment in . Flipkart is now the most-valued -age internet company in the . With around 30,000 employees. It is also one of the highest-funded private companies in the . has given a giant Amazon a tough time in during the last five ?

An internet business worth billions and backed by marquee investors  Softbank, Tiger Global, DST Global, and Accel Partners, among many , Flipkart helped break India’s image as just the ’s back .

the battle

Following deal, the Indian e-commerce space now become a battlefield behemoths: Walmart and Amazon.

The been fiercely competing against each other in the , by acquiring smaller players. Flipkart’s acquisition widely considered as an extension of the battle.

“In the , Walmart is the formidable competitor for Amazon. Walmart has been growing its e-commerce operations a and Amazon has increased its footprint with physical stores,” Kartik Hosanagar, a professor of technology and digital business at the of ’s Wharton School, told Quartz last week.

“Walmart’s looming investment in Flipkart reflects that. Walmart is fighting Amazon and Alibaba in through its partnership with JD. I suspect similar will happen in India through a partnership with Flipkart,” he added.